A savings account earns 8% interest each year, compounded quarterly (4 times a year). If a person invests $100 and makes no furt
her deposits or withdrawals, what is the balance in the account after 3 years?
1 answer:
Answer:
251.817012
Step-by-step explanation:
1. Write out equation to get 100(1.08)^n*4
2. Use 3 for n
3. Simplify to get 100(1.08)^12
4. Solve to get 251.817012
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